The UK has started its first set of trade talks on since the Brexit vote, with business secretary Sajid Javid visiting India.
As well as discussing the delayed sale of Tata Steel's UK business, Mr Javid will discuss with government officials what a trade deal might look like between India and a UK outside of the EU.
According to UK Trade and Investment, India is the UK's third largest trading partner, with an estimated £16.55 billion traded between the two countries in 2015.
The business secretary will also visit US, China, Japan and South Korea in the next few months.
The decision to leave the European Union will significantly change trade deals between the UK and non-EU countries, and while many Brexiters believe Britain will be better placed to negotiate improved trade deals, the government is having to create a new 300-strong team to lead new negotiations.
"The government will have to acquire additional trade negotiation resources," Mr Hammond told a committee of MPs.
"We will look to friendly governments to assist us, as well as seeking to hire the best resources available on the open market."